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Softbank backs Remote in $300M Series C at $3B valuation to help companies employ global talent

Remote
Image credits: Remote

Remote, a San Francisco-based HR tech platform, announced that it has secured $300M in a Series C funding round at a valuation of $3B. 

The latest financing round was led by SoftBank Vision Fund 2, with participation from existing investors, including Accel, Sequoia, Index Ventures, Two Sigma Ventures, General Catalyst, 9Yards, Adams Street and Base Growth.

The announcement comes eight months after securing $150M in a Series B round, which cemented the startup’s unicorn status. To date, the company has secured $495M in funding. 

Employing global talent

Remote was founded in 2019 by Job van der Voort and Marcelo Lebre to simplify how companies employ global talent. The company aims to open up the vast potential of the world for every person, business, and country. 

“Remote’s mission from day one has been to help create a world where every person and business truly belongs in the global market. This significant show of support from investors along with the rapid growth of our business is proof that this need is not only palpable but that the vision and solutions we offer are first-in-class innovation,” says Job van der Voort, co-founder, and CEO of Remote. 

He adds, “With this additional funding, we will be able to build more products including contractor and global payroll platforms and expand on our premier service and benefits offering.”

Remote provides tools and expertise for clients to hire globally, pay teams in their preferred currencies, and remain compliant with ever-changing regulations. 

Since it owns and operates legal entities in each country, including staff on the ground in every market, Remote makes it possible for customers to offer competitive, culturally aware employment packages, including payroll, benefits, taxes, stock options, and regulatory compliance.

Remote empowers firms including GitLab, DoorDash, Loom, Paystack, and more to build their teams.

Remote’s product launches

This year, the company launched a couple of programs: 

Remote Relocation: It provides visa guidance and sponsorship, local immigration and tax guidance, insurance, and cross-cultural training. 

Remote for Refugees: It is a program that makes it easy and cost-effective for businesses to invest in refugee talent, including free global employment for all refugees.

Last month, the company launched the first-to-market Remote API in partnership with leading HR software platforms, including AngelList and Sequoia Consulting, to help companies scale and manage international teams directly through their platforms.

Further, the company plans to host its inaugural Remote Connect conference on Building Belonging in the New World of Work from April 5-6, 2022. 

According to the company, the all-virtual event will feature a lineup of celebrity authors, business leaders, and industry experts, including Ariana Huffington, Adam Grant, Priya Parker, and more. 

In 2021, Remote was named one of Inc.’s Best Workplaces, named a Leader in Multi-Country Payroll by G2, and received Comparably’s awards for Best Company for Diversity and Best Company for Happiness. 

“The way people work has permanently changed and the shift to remote and hybrid work has enabled companies to hire from anywhere in the world, but this can be an intensive, costly, and risky process”, says Brett Rochkind, Managing Partner at SoftBank Investment Advisers. “Remote has built a full-stack, global platform that creates a fast, seamless experience to hire and onboard new employees regardless of where they are. We are excited to partner with Job, Marcelo, and the team to support their mission to open up the vast potential of the world for every person, business, and country”.

“Remote enables Fonoa to build the best teams in the world, irrespective of where those team members may be based,” says Sophie Connor, People Operations Manager at Fonoa Technologies. “Not only have they greatly expanded our talent pool to help us scale, but they’ve helped us ensure an equitable, culturally aware employee experience for our entire distributed workforce.” 

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